Blockchain software firm BitGo announced on Wednesday it is now offering dedicated customer Excess Specie Insurance to BitGo Custody clients. The digital asset financial services provider reported that last year it introduced its digital asset insurance protections, including $100 million for assets held in BitGo Custody.
BitGo is now offering clients the ability to purchase dedicated excess limits above its $100 million policy. Those who purchase the new insurance will be named as Dedicated Customer Loss Payee in the policy, which ensures an additional layer of protection. Features of the Excess Specie Insurance are:
- Competitive premiums due to BitGo’s underlying $100 million program
- Adjustable limits
- Prorated premium so clients only pay for the relevant period of protection
While sharing more details about the program, Mike Belshe, CEO, BitGo, stated:
“The new excess policy is the strongest and lowest cost full coverage for digital assets in the market today. I’m very proud of the team because this innovative program is only possible thanks to the foundation of cold storage insurance that BitGo and our underwriters established in 2019.”
BitGo further announced that Crypto.co m is one of BitGo’s first clients to take advantage of the Dedicated Customer Excess limits policy. BitGo added it is working with specialty commercial insurance broker, Woodruff-Sawyer & Co., which has partnered with Paragon Brokers out of London on this program.